NJ Rev Stat § 54:4-8.75n - Restrictions, Impact, Interference.

17. The appropriation of funds necessary to support the provision of property tax relief under the Stay NJ property tax credit program as provided under sections 1 through 16 of P.L.2023, c.75 (C.54:4-8.75a et al.), as amended and supplemented by P.L.2024, c.88 (C.54:4-8.75p1 et al.), shall not supersede, impact, or interfere with any of the following:

a. the full funding in each State fiscal year necessary to satisfy the requirement in Article VIII, Section IV, paragraph 1 of the New Jersey Constitution that the Legislature provide for the maintenance and support of a thorough and efficient system of free public schools for the instruction of children in the State between the ages of five and 18 years;

b. the full funding of the veterans' $250 property tax deduction, required to be provided to eligible veterans pursuant to Article VIII, Section I, paragraph 3 of the New Jersey Constitution;

c. the full funding of the senior citizens' and disabled persons' $250 property tax deduction authorized by Article VIII, Section I, paragraph 4 of the New Jersey Constitution;

d. the full payment of the contributions required by law to be made to the State-administered retirement systems; and

e. the maintenance of a budgetary surplus target of no less than 12 percent of total appropriations from the General Fund and the Property Tax Relief Fund in a given State fiscal year.

L.2023, c.75, s.17; amended 2024, c.88, s.8.